Financial Crime World

U.S. Treasury Sanctions Individual and 12 Entities in Democratic Republic of Congo for Supporting Billionaire Dan Gertler

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against an individual, Alain Mukonda, and 12 entities linked to him or his companies in the Democratic Republic of Congo (DRC) and Gibraltar. This designation comes under Executive Order (E.O.) 13818, which targets those involved in serious human rights abuse and corrupt practices worldwide.

Combating Corruption: A Major Stride Towards the Summit for Democracy

The U.S. government’s efforts against corruption aim to strengthen the American and global economies by eliminating illicit activities and protecting national security. OFAC’s strategic approach to combat corruption is crucial for building a fairer, secure, and more prosperous international economic system.

“Treasury is dedicated to supporting the Democratic Republic of Congo’s anti-corruption initiatives by targeting individuals who abuse the political system for economic gain and undermine the Congolese state.” - Deputy Secretary of the Treasury Wally Adeyemo

OFAC’s Collaborative Approach to Combating Corruption

These designations result from collaborative efforts between the U.S. government and civil society partners, which have been instrumental in exposing corruption and human rights abuses around the world. OFAC often relies on credible information from non-governmental organizations (NGOs) to identify potential sanctions targets.

corporate-grip-on-drc:image-1.png An illustration depicting the U.S. government and civil society working in unison to combat corruption

Corruption in the Democratic Republic of Congo (DRC)

The DRC, known for its rich natural resources, has focused on promoting investment opportunities and providing wider access to global finance to boost economic growth. However, corruption, opaque business practices, and a complex legal framework have obstructed economic expansion and deterred foreign investment. The U.S. government emphasizes the importance of holding corrupt actors accountable to encourage transparency and stability.

Dan Gertler and His Ties to Corruption

Dan Gertler, a billionaire businessman, was identified in the E.O. 13818 Annex for his involvement in corrupt activities in the DRC. He reportedly amassed a fortune through corrupt mining and oil deals, estimated at hundreds of millions of dollars, between 2010 and 2012. Gertler allegedly used his close friendship with former DRC President Joseph Kabila to act as a middleman for mining asset sales. As a result, the DRC lost over $1.36 billion in revenues due to underpricing of mining assets sold to offshore companies linked to Gertler.

corporate-grip-on-drc:image-2.png Dan Gertler in a previous appearance

Mukonda’s Support for Dan Gertler

Alain Mukonda, the newly designated individual, opened bank accounts and made payments into proxy accounts for Gertler and Deboutte’s companies. He also re-domiciled several of Gertler’s firms from Gibraltar and British Virgin Islands to the DRC. These actions brought the total number of sanctioned entities and individuals associated with Gertler to 46.

Following in the Footsteps of Gertler: Mukonda’s Designation

Mukonda is designated under E.O. 13818 for supporting Gertler, who is currently under sanctions, by providing financial, material, or technological support or goods or services. In parallel to the U.S. government’s commitment to combating corruption, 11 DRC-based entities and one Gibraltar-based entity were also added to the sanctions list.

Sanctioned Entities

  • Kintaleg Limited (Gibraltar) - owned or controlled by Mukonda
  • Ventora Global Services (DRC) - owned or controlled by Mukonda
  • Ventora Mining S.A.S.U. (DRC) - owned or controlled by Mukonda
  • Ashdale Settlement Gerco SAS (DRC) - owned or controlled by Mukonda
  • Opera (DRC) - owned or controlled by Ashdale Settlement Gerco SAS
  • Palatina SARLU (DRC) - owned or controlled by Ashdale Settlement Gerco SAS
  • Gemini S.A.S.U. (DRC) - owned or controlled by Opera
  • Kaltona Limited SASU (DRC) - owned or controlled by Gemini S.A.S.U.
  • Multree Limited SASU (DRC) - owned or controlled by Gemini S.A.S.U.
  • Woodford Enterprises Limited SASU (DRC) - owned or controlled by Gemini S.A.S.U.
  • Rosehill DRC SASU (DRC) - owned or controlled by Woodford Enterprises Limited SASU
  • Woodhaven DRC SASU (DRC) - owned or controlled by Rosehill DRC SASU

The U.S. Treasury’s recent actions signify the beginning of an international anti-corruption campaign culminating in International Anti-Corruption Day and International Human Rights Day. These actions highlight the power of a coordinated international response to combat corruption and its devastating impacts on individuals and communities.